Facebook Wants Banks to Hand Over Your Financial Information

Facebook wants banks to share your personal finances: Report

Facebook wants banks to share your personal finances: Report

Facebook reportedly wants you to check your bank account on its instant message platform, Messenger.

In effect, these deals would give Messenger the ability to alert customers to fraudulent activity on their accounts or allow them to check their balances.

Highlighting the fact that "Facebook has been a cesspool of privacy issues for quite a while", technology writer Curtis Silver argued in a piece for Forbes on Monday that it's time to "quit Facebook before it inevitably accesses your banking data".

Facebook has allegedly asked banks to share detailed financial information about innocent customers. I reached out to Facebook for comment and will update this post if I hear back.

One large bank has reportedly pulled away from the discussion due to privacy concerns. In an effort to better protect user data, the company earlier in March said it ended "Partner Categories", which let advertisers use information from third-party data providers such as Experian and Oracle Data Cloud.

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Facebook has been under fire for several scandals involving data privacy, starting with Cambridge Analytica.

"We're not shoring up financial data", she added.

"Facebook has talked about a feature that would show its users their checking-account balances, the people said". "We're not using this information beyond enabling these types of experiences - not for advertising or anything else". (JPM), Wells Fargo & Co.

In Facebook's worst ever public relations disaster, it admitted that up to 87 million users may have had their data hijacked by Cambridge Analytica, which was working for US President Donald Trump's 2016 election campaign.

The social network is now looking at cooler growth following a years-long breakneck pace. The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer. The information would be used to offer new services to Facebook account holders.

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